This is an interesting discussion, and one that’s pretty relevant. To be clear, when you specifiy “mortgage is comparable to your rent (or the rent on a comparable home),” do you mean an interest-only mortgage as you mention in paragraph 3?
So with an interest-only loan, you are basically “renting-with-benefits” (the benefits in this case being the tax savings, so more cash at the end of the year). The downsides are you are responsible for all maintenance costs and you are tied to the home (in the context of job-changes, moving etc).
Of course, one should be sure one can afford the payment when the loan resets to avoid future trouble, as well.
